Only for three years 1814 - 1816] Comparing bank systems in the various

American states, Keri has found out that in those from them, where occurrence in

Bank activity was the most unobstructed, cases of bankruptcies
Were rather rare. It has pushed Keri to the assumption that

Principles of restrictive system with inevitability conduct to the excessive bank

Expansion. "System of privileges in a banking, - he wrote, - is
Result of erroneous judgements that activity of banks is distinct from all
Other kinds of commerce; that ostensibly in their hands there is a tool

Extraction of high profits and the right to realisation of this activity should

To remain the privilege sold only selected persons. A society,

Being in the power of similar false sights, demands payment of the large sums in

Quality of indemnification for use of this privilege, compelling thereby
Banks to operate far outside of own capital. "In the same place, with. 89.
Our italics. including the Scottish system more advanced in comparison with

As she did not allow to establish banks with limited liability there
With. 80 - 82].

Its theoretical substantiation of the thesis was the weakest place in job of Keri

About that the bank system operating in the conditions of rigid restrictions, with

The explanation given by Keri, later has had considerable enough development in

France. Wrongly it is considered that for the first time this argument has been put forward Kokelenom

(Coquelin). The assumption In the beginning is accepted that if there is only one

Or some exclusive banks inevitably there is a deficiency
Long-term investments. Some part of means is got

Banks, and on hands the population still has considerable volume of available assets

In the form of the savings, not found favourable application in investment sphere in

The given moment. These means are deposited with banks that creates soil for
Expansions of bank issue. Releasing banknotes, banks aggravate
Redundancy of the account capital, and it leads to the further growth
Depositary weight. This process will repeat until, at last,
Owners of deposits will not find other application of the means, say, for
Country limits. In this case they will demand from banks of return of money,
Having generated thereby problems in bank sphere. Banks will be compelled

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